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Washington’s Pension Non-Bailout

A fix for multi-employer plans that doesn’t hit taxpayers. Really.

Dec. 11, 2014 7:27 p.m. ET

It’s the season for miracles. And behold, Congress seems poised to pass a bipartisan compromise as part of its omnibus budget that would mitigate a pension crisis before it requires a taxpayer bailout.

Yes, we were skeptical too. But after reading the fine print, this looks like a rare case of Congress trying to solve a problem before it’s a crisis—to wit, the looming failure of multi-employer pensions.